This page reflects CALM options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Jul 2, 2026 close
Max Pain — CALM
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $80.00 (3.85 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$80.00
Nearest expiry
Expected Move
±$4.30
±5.1%
Days to Expiry
15
Calendar days
Total Call OI
3,815
Nearest expiry
Total Put OI
2,259
Nearest expiry
P/C OI Ratio
0.59
Put-heavy
Spot Price
$83.85
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-07-17
Expiration
Max Pain Strike
Last Updated
2026-05-15
$80.00
5/15/2026, 11:06:19 PM
2026-06-18
$75.00
6/18/2026, 11:06:41 PM
2026-07-17NextUpdated
$80.00
7/3/2026, 11:03:47 PM
2026-08-21
$80.00
7/3/2026, 11:03:47 PM
2026-11-20
$70.00
7/3/2026, 11:03:47 PM
2027-02-19
$75.00
7/3/2026, 11:03:47 PM
Selected expiration: 2026-07-17 at max pain $80.00.
CALM pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
40
0
7706500
7706500
50
0
5449500
5449500
55
1500
4321000
4322500
60
3000
3200500
3203500
65
6500
2094500
2101000
70
10500
1044000
1054500
75
19000
397000
416000
80
110500
15000
125500
85
766500
0
766500
90
2484000
0
2484000
95
4341500
0
4341500
100
6230500
0
6230500
105
8134500
0
8134500
110
10038500
0
10038500
115
11945500
0
11945500
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures
Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.
How traders use it
It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.
What can break it
Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.
The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.